A director at Monadelphous Group Limited bought 5,000 shares at 13.598AUD and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
The general evaluation of MONADELPHOUS GROUP (AU), a company active in the Heavy Construction industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date December 17, 2021, the closing p...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Monadelphous shares have been on a tear again; at their AUD 19.30 mid-April peaks up 50% from December AUD 12.75 lows. So far there’s no obvious explanation for the rise. Our 8.5% increased AUD 11.40 fair value equates to an unchanged fiscal 2023 EV/EBITDA multiple of 7.9. The increase reflects higher near-term commodity price expectations, and time value of money. We recently increased our near-term iron ore price forecasts by around 8%, for example, given continued strong growth in steel dem...
Monadelphous shares have been on a tear again; at their AUD 19.30 mid-April peaks up 50% from December AUD 12.75 lows. So far there’s no obvious explanation for the rise. Our 8.5% increased AUD 11.40 fair value equates to an unchanged fiscal 2023 EV/EBITDA multiple of 7.9. The increase reflects higher near-term commodity price expectations, and time value of money. We recently increased our near-term iron ore price forecasts by around 8%, for example, given continued strong growth in steel dem...
Monadelphous shares have been on a tear again; at their AUD 19.30 mid-April peaks up 50% from December AUD 12.75 lows. So far there’s no obvious explanation for the rise. Our 8.5% increased AUD 11.40 fair value equates to an unchanged fiscal 2023 EV/EBITDA multiple of 7.9. The increase reflects higher near-term commodity price expectations, and time value of money. We recently increased our near-term iron ore price forecasts by around 8%, for example, given continued strong growth in steel dem...
The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, providing further evidence that global equities are going through a bottoming process. • Remain overweight China which is leading global equities higher. RS uptrends remain intact for the Shanghai Composite and MSCI China indexes. In today's report we highlight a number of actionable charts Chinese companies, focusing on less-exploited price patterns... see page 2. • EAFE small- vs large-cap...
Our AUD 10.50 fair value estimate for no-moat Monadelphous stands. The company reported an 18% decline in first-half fiscal 2019 NPAT to AUD 31.0 million, close to our AUD 32.0 million expectation. Revenue of AUD 830.5 million was slightly higher than anticipated, down 5% on first-half fiscal 2018. But EBITDA margin was softer than expected, down to 6.5% from 7.0%. There was a significant increase in maintenance revenue, up 25% on the previous corresponding period, or pcp, to AUD 503 million as ...
Our AUD 10.50 fair value estimate for no-moat Monadelphous stands. The company reported an 18% decline in first-half fiscal 2019 NPAT to AUD 31.0 million, close to our AUD 32.0 million expectation. Revenue of AUD 830.5 million was slightly higher than anticipated, down 5% on first-half fiscal 2018. But EBITDA margin was softer than expected, down to 6.5% from 7.0%. There was a significant increase in maintenance revenue, up 25% on the previous corresponding period, or pcp, to AUD 503 million as ...
Summary Marketline's Neptune Marine Services Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Neptune Marine Services Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive...
We cut our fiscal 2019 and fiscal 2020 EPS forecasts by 23% and 14% to AUD 0.69 and AUD 0.74, respectively, but our AUD 10.50 fair value estimate for no-moat Monadelphous stands. We reassess with a more hawkish eye, Monadelphous’ ability in the near term to make up for finished Ichthys LNG construction revenue. Further, we now forecast little to no revenue growth to fiscal 2023 but at an improved midcycle EBITDA margin of 8.3%. That contrasts with our prior forecast for still only modest reven...
We cut our fiscal 2019 and fiscal 2020 EPS forecasts by 23% and 14% to AUD 0.69 and AUD 0.74, respectively, but our AUD 10.50 fair value estimate for no-moat Monadelphous stands. We reassess with a more hawkish eye, Monadelphous’ ability in the near term to make up for finished Ichthys LNG construction revenue. Further, we now forecast little to no revenue growth to fiscal 2023 but at an improved midcycle EBITDA margin of 8.3%. That contrasts with our prior forecast for still only modest reven...
Our AUD 10.50 fair value for no-moat Monadelphous stands. The company reported fiscal 2018 NPAT of AUD 71.5 million, only marginally below our AUD 72.7 million expectations. Our long-term assumptions remain substantially unchanged. An element of the result that did surprise was its being achieved on higher than anticipated revenue, up 41% to AUD 1.78 billion. But this was negated by a commensurate increase in operating costs, EBITDA margin falling 120 basis points to 6.6%, and 60 basis points be...
Our AUD 10.50 fair value for no-moat Monadelphous stands. The company reported fiscal 2018 NPAT of AUD 71.5 million, only marginally below our AUD 72.7 million expectations. Our long-term assumptions remain substantially unchanged. An element of the result that did surprise was its being achieved on higher than anticipated revenue, up 41% to AUD 1.78 billion. But this was negated by a commensurate increase in operating costs, EBITDA margin falling 120 basis points to 6.6%, and 60 basis points be...
Our AUD 10.50 fair value for no-moat Monadelphous stands. The company reported fiscal 2018 NPAT of AUD 71.5 million, only marginally below our AUD 72.7 million expectations. Our long-term assumptions remain substantially unchanged. An element of the result that did surprise was its being achieved on higher than anticipated revenue, up 41% to AUD 1.78 billion. But this was negated by a commensurate increase in operating costs, EBITDA margin falling 120 basis points to 6.6%, and 60 basis points be...
We increase our fair value estimate for no-moat Monadelphous by 5% to AUD 10.50 from AUD 10.00, but the shares remain overvalued. Our upgrade reflects a combination of higher forecast revenue growth and time-value-of-money. Lower-than-previously-forecast midcycle EBITDA margin is a partial offset. We increase our forecast 5-year group revenue CAGR to 6.9% from 5.9%, which anticipates 2022 revenue of AUD 17.6 billion, up 40% from AUD 12.6 billion in fiscal 2017. Our prior 2022 revenue target was ...
We increase our fair value estimate for no-moat Monadelphous by 11% to AUD 10.00. First-half fiscal 2018 NPAT of AUD 38.3 million was close to expectations though not for the reasons we’d forecast. Revenue from both the engineering construction and maintenance and industrial services segments was well ahead of our expectation, increasing by a combined 38% to AUD 874 million. But the EBITDA margin on this activity, not split out by segment, was well below expectations, coming in at just 8.7% be...
While at AUD 17.75 no-moat Monadelphous shares are nearly 10% below November AUD 19.50 highs, they remain above our unchanged AUD 9.00 fair value estimate. Our fiscal 2018 and fiscal 2019 EPS forecasts of AUD 0.71 and AUD 0.74, respectively, are also little changed, fiscal 2018 representing a 14% increase on fiscal 2017 AUD 0.62 lows. Our fair value estimate equates to a fiscal 2022 EV/EBITDA multiple of 7.5. At AUD 17.75, the market values Monadelphous on a multiple of 15, too generous we think...
We make no change to our AUD 9.00 per share fair value estimate, or to our fiscal 2018 EPS forecast of AUD 0.70 for Monadelphous. Fiscal 2017 NPAT fell 13% to AUD 58.5 million or AUD 0.62 per share, about 10% weaker than our AUD 0.68 forecast. Group EBITDA margin fell to 7.7% from 8.3%, worse than expected, as was the 7% decline in revenue to AUD 1.26 billion. Resources and energy markets remained challenging with capital expenditure levels at historical lows and major LNG projects nearing compl...
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